The global digital asset landscape is undergoing significant regulatory and institutional changes. From East Asia to North America, governments and financial institutions are implementing new frameworks, launching innovative products, and adjusting their strategies towards cryptocurrencies and blockchain technology. This weekly digest highlights the most critical developments that are shaping the future of the crypto market.
Asia Leads with Progressive Digital Asset Policies
Hong Kong Strengthens Its Digital Asset Ambitions
The Hong Kong government has released its "Policy Declaration on Digital Asset Development 2.0," reaffirming its commitment to establish the region as a global innovation hub for digital assets. The declaration introduces the LEAP framework, which focuses on optimizing legal and regulatory systems, expanding the variety of tokenized products, advancing application scenarios and cross-sector collaboration, and developing talent and partnerships.
Financial Secretary Paul Chan emphasized that combining prudent regulation with encouragement for market innovation will build a more vibrant digital asset ecosystem integrated with the real economy and social life, bringing economic and social benefits while consolidating Hong Kong's leading position as an international financial center.
South Korean Banks Collaborate on Won-Pegged Stablecoin
Eight major South Korean banks—including KB Kookmin, Shinhan, Woori, NH Nonghyup, IBK, Suhyup Bank, Citibank Korea, and Standard Chartered Korea—are collaborating with the Open Blockchain and DID Association and the Financial Settlement Institute to establish a joint venture for issuing a Korean won-pegged stablecoin.
This project marks the banking industry's first consortium-based entry into the digital asset sector. Preliminary plans include two stablecoin models: a trust-type and a deposit-linked model. The joint venture company is expected to be established as early as the end of this year or the beginning of next.
Japan Proposes Major Crypto Regulatory Overhaul
Japan's Financial Services Agency (FSA) took a significant step on June 24 by releasing a document proposing to incorporate crypto assets into the Financial Instruments and Exchange Act (FIEA). The proposal was submitted to the Financial System Council for deliberation on June 25.
If these reforms move forward, they would allow Bitcoin ETFs to launch in Japan and apply a declared separate taxation system of approximately 20%, replacing the current comprehensive taxation rate that can reach up to 55%.
Western Economies Adopt Cautious Stance
Federal Reserve Maintains Wait-and-See Approach
Federal Reserve Chair Jerome Powell, in written testimony for congressional hearings, stated that recent economic activity has remained robust, allowing policymakers to continue focusing on inflation and employment data to determine if and when to resume interest rate cuts.
Powell emphasized that the Fed would ensure that price shocks resulting from tariff increases do not evolve into "persistent inflation problems." He did not provide clear hints about rate cuts in July.
Barclays Bans Crypto Purchases With Credit Cards
Starting June 27, 2025, Barclays will prevent customers from using their credit cards for any cryptocurrency transactions. The bank cited concerns that crypto asset price volatility could lead to uncontrollable user debt and noted that these transactions are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme.
Barclays, one of the UK's big four banks, is designated by the Financial Stability Board (FSB) as a global systemically important bank.
National Bitcoin Strategies Gain Momentum
Bhutan's Bitcoin Holdings Reach 13% of GDP
Bhutan, which launched a Bitcoin mining program in 2020, has accumulated approximately $1.3 billion in Bitcoin reserves, representing nearly 40% of the country's GDP. This makes Bhutan the third-largest government holder of Bitcoin globally.
The Himalayan kingdom utilizes its abundant hydroelectric resources for mining operations, having built at least six mining facilities and partnered with mining company Bitdeer. Bhutan plans to hold Bitcoin long-term while gradually promoting cryptocurrency use in tourism payments and future city development.
Turkey Implements Strict Anti-Money Laundering Rules for Crypto
Turkey's Ministry of Treasury and Finance announced new regulations to combat money laundering through crypto assets, particularly proceeds from illegal gambling and scams. The measures include requiring platforms to record fund sources and purposes, with all transfers requiring a description of at least 20 characters.
Additional restrictions include delayed withdrawals for those not complying with "travel rule" requirements—with first withdrawals possible only after 72 hours—and limits on stablecoin transfers set at $3,000 daily and $50,000 monthly, though compliant platforms may double these limits. Platforms violating regulations may have their licenses revoked. Turkey is currently one of the most active regions for cryptocurrency activity.
Exchange Developments and New Products
OKX Considers US IPO
According to crypto journalist Yueqi Yang, cryptocurrency exchange OKX is considering an initial public offering (IPO) in the United States following its return to the US market in April 2025.
Coinbase to Launch US Perpetual Futures
Coinbase Derivatives Exchange announced it will launch "US Perpetual-Style Futures" products on July 21, 2025. The offering will include nano Bitcoin (0.01 BTC) and nano Ethereum (0.10 ETH) contracts.
According to the official blog post, these will be the first such products in the US market, aiming to provide American traders with CFTC-regulated cryptocurrency derivative trading options while eliminating the risks associated with using offshore exchanges.
👉 Explore advanced trading strategies
Notable Funding Rounds
The digital asset sector continues to attract significant investment across various segments:
- AI model marketplace OpenRouter completed $40 million in Seed and Series A funding
- The Smarter Web raised £41.2 million in funding
- Crypto startup Zama announced completion of a $57 million Series B round
- Canton network developer Digital Asset secured $135 million in strategic funding
- Paradigm exclusively led decentralized exchange startup GTE's $15 million Series A round
- DeFi infrastructure provider Veda completed $18 million in funding
- Norwegian deep-sea mining company Green Minerals launched a Bitcoin treasury strategy aiming to raise $1.2 billion
- Publicly traded company ECD signed a $500 million equity financing agreement to implement a Bitcoin treasury strategy
- Sequans announced a $384 million financing plan to launch a Bitcoin treasury strategy
- KindlyMD secured an additional $51.5 million before merging with Nakamoto to advance Bitcoin reserve strategy
- YZi Labs announced investment in decentralized entertainment platform MEET48
- Inference Labs completed $6.3 million in funding
- Jarsy announced $5 million pre-seed funding led by Breyer Capital
- DeFi infrastructure company Yield.xyz secured $5 million in strategic funding
- Sphinx completed $2 million Pre-Seed funding round
- Blueprint Finance raised $9.5 million in funding led by Polychain Capital
- Game developer Endless Clouds received $6.25 million in funding from Animoca Brands and other institutions
- Former SpaceX manager founded Stackup, completing $4.2 million seed round
Frequently Asked Questions
What is Hong Kong's LEAP framework for digital assets?
Hong Kong's LEAP framework focuses on optimizing legal and regulatory systems, expanding tokenized product varieties, advancing application scenarios through cross-sector collaboration, and developing talent and partnerships. This comprehensive approach aims to position Hong Kong as a global digital asset innovation hub.
Why are South Korean banks creating a stablecoin together?
The eight major South Korean banks are forming a consortium to create a won-pegged stablecoin as their first collaborative entry into the digital asset space. This approach allows them to pool resources, share risks, and establish standardized practices for stablecoin issuance that complies with regulatory expectations.
How might Japan's regulatory changes affect cryptocurrency investors?
If Japan incorporates crypto assets into the Financial Instruments and Exchange Act, it would allow Bitcoin ETFs and implement a separate taxation system of approximately 20% instead of the current最高达 55% comprehensive tax rate. This could significantly increase institutional participation and reduce the tax burden for investors.
What are the implications of Barclays banning crypto credit card purchases?
Barclays' decision reflects ongoing concerns among traditional financial institutions about cryptocurrency volatility and consumer protection. While limiting immediate access for some customers, such moves may also push the industry toward more regulated products like those being developed by established exchanges.
How does Bhutan benefit from Bitcoin mining?
Bhutan leverages its abundant hydroelectric resources to power Bitcoin mining operations, creating a valuable export commodity without additional infrastructure investment. The accumulated Bitcoin reserves now represent significant national wealth that can support economic development and technological modernization.
What makes Coinbase's new perpetual futures products significant?
Coinbase's US Perpetual-Style Futures represent the first such products available to American traders, providing CFTC-regulated exposure to cryptocurrency derivatives. This eliminates the need for US investors to use offshore exchanges, reducing regulatory and security risks while offering familiar investor protections.